DDLexus

Does anyone here have sales results on recent auctions that list the going price for the 2007-2008 LS460 and LS460L?

I think Manheim posts recent sales information and you can quickly determine what to expect to pay for any make/model. It also puts condition and miles on the report. If you have and don't mind sharing, please let me know.

I'd guess that the 2007 LS460 with 50k miles is going for $30,000 (average) and the 2008 LS460 around $33,000.

Looking to get back into the Lexus market with the more modern LS.

Thanks in advance.

FLYCT

Recent auctions for average condition LS460 in SOUTHEAST AREA AUCTIONS.

Most of the 2009's have remaining factory warranty so they go for more money.

2009 $35,000 - $38,400
2008 $28,000 - $30,000
2007 $26,200 - $31,000

These are wholesale auction prices dealers pay. Then there is transportation charges, buyer commission etc.

I recently purchased a CPO 2009 LS460 with Nav/Levinson/park assist for $41k from a local Lexus dealer. I was also able to negotiate top dollar on my 2008 Avalon trade so the net didn't hurt much.

I pulled all invoices from day one for the CPO 09 LS460 I bought Dealer put in an additional $3,687.50 to get car up to CPO Standards and purchase the CPO Warranty. In fact they offered the vehicle to me for $1,000 less if I opted out of the CPO 3yr/100k warranty.

After the lease buy back the actual dealer expenses break down was as follows;

$1253.00 for PDI, OIL CHANGE, AIR FILTER, WIPER BLADES, AC DUST FILTER, AC MIST SPRAY, TRUNK BUTTON, WHEEL LOCKS, FRONT BRAKE PADS, REAR BRAKE PADS, ROTORS TURNED

$119.00 for detailing
$96.50 for paint work
$1217.18 for 4 new Michelin tires
$1,000 CPO warranty

History also shows customer paid $171.50 for a new battery 7/2011 and no ongoing or abnormal mechanical issues. Previous owner also paid $1,073.72 for a new front bumper cover and left fog lamp in 2/2011.

Previous owner did all 5000 mile scheduled maintenance on time at the local Lexus dealer per the invoice history.

When you buy an auction car you should expect to spend some money to get it to your standards. You also don't have ability to inspect history in detail on the spot as you do when buying from a dealer.

As you know only a dealer or licensed buyer can buy on the auctions. If you know one, they can buy for you. Having relatives or friends in the car business helps.

JR

DDLexus

Excellent reply.. the only thing that would top this would be a list of the cars recently sold in SE for those years. Appreciated the post!

FLYCT

I'll check with my source.

check your PM's

FLYCT

DDLexus,

Did you check your private messages (PMs)?

FLYCT

DDLexus

Yep. Thanks for the information. You get two gold stars!

After reading some of the posts about the problems experienced with the LS460 I'm debating if I'm going to keep the Lexus tradition alive at my house. As you can see from my signature, I've been a loyal owner of Lexus cars for years. Hoped that the next car in the stable was going to be the 460 or 460L.

FLYCT

Happy to help.

I hope you find the car you are looking for

DDLexus

Just found something VERY interesting. One of the recent auction sales had a 2009 LS430 with 42,324 miles on it. It sold at auction for $35,000. The car is listed at a dealer for $42,900. This is a $7,900 markup on a car.

Granted, I know the car probably got detailed and an oil change, but this is absurd. BTW, the car is not at a Lexus dealer and is therefore not CPO either.

oldcajun

I don't think the almost $8000 mark-up to list price is absurd for several reasons:
1.) The actual selling price is likely to be discounted several thousand $
2.) There is some prep cost to get the car ready to sell
3) The dealer is in business to make a profit
4.) There is some level of risk on the selling price the car will actually bring and how long it will sit on the lot. The dealer has $35,000 of his money invested up front.

The dealer in this case in likely to clear only a little more than 10% return on his investment. That is a pretty good return, but not absurd.

Steve

daryll40

I agree with Steve. Plus there are transportation costs and the dealer has to tie up his money or his credit line.

FLYCT

I also agree with Steve and Daryll,

The listing price is what uninformed buyers pay. Most will negotiate the price of that LS down below $40k with that mileage being sold on a non Lexus dealer lot. If dealer got it for $35k and he put $1000 into it his "floor price" to sell it would probably be about $39k. Listing it in the $42k+ range seems reasonable.

Dealers have overhead, transportation fees, buyers commissions, sales rep commissions and other expenses to prep the car.

I've got the bills that the dealer paid to get my CPO LS ready for sale. This was a good condition lease turn in. Even though it was in "good" shape, the dealer put $2600 into the car for brakes, tires, filters, oil change and detailing. The CPO fee the dealer pays is about $1000 and the tere are sale commissions need to be paid to sales and management. The house has expenses for money tied up, overhead etc.

I've bought several cars that were recently purchased by dealers on auctions. My last Ford was a closed auction daily rental car purchased by a Ford dealer. I ussually go in and negotiate a mini deal for the dealer. They make a profit and I'm happy

JR

FLYCT

I just looked up Kelly Blue Book for a LS 460 with Nav in very good condition with 42500 miles.

Trade in price $33,500 in very good condition
Retail price $40,686
CPO Price $41,686

The spread between trade in and retail is $7,186

JR

patgilm

I also agree with the above and it should also be noted that the auction fee is $500 per car so it really cost them $35,500. If you have ever been to the auction, these cars are mostly off lease cars and are not in the best condition (at least to my standards) and do take a good bit of work to get there. You also have to look at the range of prices at Manheim since condition and color are major factors besides mileage. If you see a low mileage car go for less than a higher mileage car there is usually a reason and it is condition since many cars have paintwork done to them. Plus it also does cost the dealer to buy the CPO warranty, it is not free as the dealer actually pays Lexus for it.

patgilm

Here is an example of the prices around me (Manheim PA)

2009 LEXUS LS 460 4X2 SILVER 4 8 GAS P AWD Y CD PG L 40,159 $36,300
2009 LEXUS LS 460 4X2 WHITE 4 8 GAS P AWD Y CD PG L 35,254 $38,000
2009 LEXUS LS 460 4X2 LWB SILVER 4 8 GAS 43,417 $38,000
2009 LEXUS LS 460 4X2 BLACK 4 8 GAS A Y MR L 50,183 $34,000
2009 LEXUS LS 460 4X2 BLUE 4 8 GAS A Y SR L 31,649 $37,750
2009 LEXUS LS 460 4X2 DK GREY 4 8 GAS P 4X2 Y CD PG L 22,715 $38,500
2009 LEXUS LS 460 4X2 WHITE (N 4 8 GAS P 4X2 Y CD PG L 33,435 $39,000
2009 LEXUS LS 460 AWD BLACK 4 8 GAS P AWD Y CD MR L 29,759 $36,500